Northwestern College | Classic magazine - Winter 2004-05 - Vol. 76 ...

Class notesNorthwestern ClassicAlumninewsPlanned givingnotesYour will won’t work well when …Cornie Wassink ’73Director ofPlanned GivingIt’s out-of-dateHow old is your will? Have you reviewed it in the last three years? If not, chances are it could use someattention. A number of personal factors can affect your will, including changes in income, employment, familysize or marital status. External factors such as new federal or state laws also can require the revision of yourwill. Have any of the following occurred in the last few years?__ Move to another state__ New business venture__ Children less dependent__ Death or serious illness in family__ Marriage or divorce__ Birth of child__ Executor or trustee can’t serve__ Desire to change guardian__ More grandchildren__ Change in giving interests__ Job promotion__ Purchase of life insurance__ New out-of-state property__ Purchase of home__ More property in joint names__ Major change in financesIt’s legally invalidYour will can contain all the information you think you want and still not be worth the paper it’s written on. This is morelikely to be true if your will is old, or if you tried to cut corners by using generic forms. A will can be invalid if it is not signedor witnessed properly.There’s no substitute for having a competent attorney involved. In the short run, it may cost you a bit more, but it certainlywill provide greater peace of mind and ensure a smooth execution of your wishes for your survivors.It conflicts with other plansYour will should be coordinated with your other estate transfer documents. For example, insurance proceeds and brokerageaccounts pass outside the will to the named beneficiaries. Pension funds also are distributed outside the will. A will thattruly works well takes all of these other assets into consideration.It fails to fulfill your desiresYour will should accomplish exactly what you want. Do you want your children to receive their inheritance all at once, orat various intervals? Do you want your charitable gifts to be used for unrestricted purposes, or do you want to earmark thefunds to meet specific needs? Do you want to give your beneficiaries a percentage of your estate, or a set amount?Perhaps you didn’t know all the options when you signed your will. Later you discovered other ways to make yourbequests. Your will may work as a legal document but fail to express your true desires.Is it time to redo your will? If so, make an appointment with your attorney as soon as possible. You should be satisfiedand confident about your estate plan.I am available to visit with you about any of this. We can review bequest options and discuss other giving possibilities.Contact me at 712-707-7109 or cwassink@nwciowa.edu.Jennifer and Chad Noble ’95, son,Andrew, joins Olana (5) andSierra (3).Tammy (De Hoogh ’96) and JasonLief ’96, son, Christian David,joins Naomi (2).Jesse and Danyale (Temple ’96)Tamminga, daughter, MerryBasilea, joins Hans (3).Michelle (Meendering ’96) andTrevor Tomkins ’96, son, KadenTrevor, joins Kyan (2).Karen and Jason Carlton ’97, son,Patrick Wyatt.Dean and Susan (Hagge ’97) Fuerst,daughter, Sarah Renae.Jerry and Robin (Chalstrom ’97)Hunt, son, Ezra Bryan, joinsShariah (2).Suzanne and Matt Jahn ’97, daughter,Lynnette Suzanne.Jason and Julie (Clapp ’97) VanBeek, son, Levi John, joinsKristin.37 ▲ Winter 2004-05